Otis Reports Second Quarter 2023 Earnings Results

Otis Worldwide Corp. reported second quarter 2023 net sales of US$3.7 billion with 9.5% organic growth. GAAP (Generally accepted accounting principles) diluted earnings per share (EPS) of US$0.90 was up 18.4% versus the prior year and adjusted EPS increased 7.0% to US$0.92. The report features information on key figures, new equipment, service and cash flow. Otis is revising its full year outlook: adjusted net sales of US$14.0 to US$14.3 billion, up 3.5 to 5.5%; organic sales up 4.5 to 6% (organic new equipment sales up 3 to 5% and organic service sales up 6 to 7%); adjusted operating profit of US$2.25 to US$2.28 billion, up US$155 to US$175 million at constant currency; up US$125 to US$155 million at actual currency; adjusted EPS of US$3.45 to US$3.50, up 9 to 10%; adjusted effective tax rate of 26.0 to 26.5%; free cash flow of US$1.5 to US$1.55 billion with conversion of 105 to 115% of GAAP net income; and share repurchases of US$800 million.